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An Editorial
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FREE LEGAL ASSISTANCE "IN GENERAL" AGAINST FRAUD AND PREDATORY LENDING FOR OHIO HOMEOWNERS FACING FORECLOSURES
Will we get resolution and restitution or band-aid solutions?
January 14, 2008
By
Wendy Clardy
(View author info)
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With horror stories like this, what are potential mortgage borrowers now supposed to do? They are scared to death that they will be the next victims of predatory lending!
I am a former senior loan officer for a regional mortgage bank. It made me sick to see how we took advantage of consumers for thousands of extra dollars. Sometimes these were smart people who simply didn't know any better. So I developed this simple Mortgage Loan Comparison Worksheet. If borrowers just used this easy tool when shopping for a mortgage, predatory lending in this country could virtually be eradicated:
http://www.januspresentations.com/MortgageLoanComparisonWorksheet.pdf
Problem is, most borrowers only make a decision once every seven years, so how would they even know what to look for? As a loan officer, my mission was not to educate, but to get a signature on the bottom line, at any cost.
As my "penance" I wrote a book entitled Kickback: Confessions of a Mortgage Salesman, now one of the best-selling books on mortgages on Amazon.com. Please let me know if I can help you with information for any further articles.
In my book, I list the Top 10 Mistakes Mortgage Borrowers Make :
1. Not knowing which mortgage fees the borrower can -- and cannot -- negotiate.
2. Choosing and trusting the first loan officer the borrower interviews.
3. Using an interest-only or "payment option" adjustable-rate loan primarily to qualify for a more expensive house than the borrower could normally afford.
4. Thinking the interest rate is always the main thing.
5. Not comparing the final fees listed on the closing documents to the up-front estimates to avoid the lender "packing the loan" with added-on fees without the borrower's knowledge.
6. Not knowing if the mortgage has a pre-payment penalty - until it's too late.
7. Thinking that renting is always just throwing money away.
8. The borrower does not know if he or she is paying a back-end yield spread or Service Release Premium.
9. Paying for mortgage life insurance, credit insurance or other expensive lender add-ons to increase the amount of kickbacks the lender can receive from various vendors.
10. Paying hundreds of dollars to have a company set up a biweekly mortgage payment plan, something the borrower can generally do for herself or himself -- for free.
Posted Jan 19 2008 3:02PM CET
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Ted Janusz
, Ohio |
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All of what is going on today in the foreclosure 'racket,' actually is due to the entire 'unconstitutional' Federal Reserve Act to begin with, in my opinion. Once the federal government unconstitutionally 'privatized' the printing of our currency and then, through the UCC laws which were then lobbied for and passed by the several states by the banking 'corporate' attorneys, and then even neglected to require any accountability at all or Congressional oversight of the Federal Reserve - a 'for profit' corporation is now running the entire economy of our country, even manipulating the Great Depression for it's own gains.
This is how great the manipulation actually is - if the federal government 'bails out' these lenders and people who were the victims of the predatory lender schemes (due also to lack of adequate oversight, again, at both the state and federal levels of lending policies, with the public really at the mercy of the private lenders due to the scarcity now of FHA, VA or even assumable notes or mortgages), it plunge us deeper into debt to both the Federal Reserve and/or China who is our largest creditor, and between the Federal Reserve and China appears our federal government is now in the hands of the bankers and communist China, not our elected representatives at all (since they, too, are constrained by this federal deficit). And now, even the Middle Eastern countries have a 'say' in the U.S. economy and banking policies, through their 'investment' as the recent investment by the Sultan of Dubai to help bail out Citibank.
And the UCC itself is actually contrary to the Constitution, with the 'industry' initiating foreclosure actions under these also supposed 'consensual' foreclosure provisions contained within the loan documentation, without affording the 'right', if any equity is involved, or there is federal or state homestead protection, seizing these properties without judicial hearing or even, legally required notices. The states statutes which afford these non-judicial foreclosure deeming such statutes as 'upholding obligations under contract' as with many of the supposed 'consensual' provisions of the adhesive mandatory HOAs, are questionable, at best, since no 'notice' or effective disclosure is given that in so doing, you are waiving a very important Constitutional right - the right to trial by judge or jury in any civil contractual dispute.
Backdoor 'sovereign' abuse and unconstitutional transfer of it's governmental power, again, created this situation - in privatizing our currency and banking system without effective oversight and regulation.
And it will take a good long freeze to rebalance the scales for those who were hoodwinked into these 'teaser' and other creative lending practices which enslaved these homeowners by their terms, almost, to remaining forever indebted or manipulated with their largest investment - their home.
The entire predatory lending industry is guilty of RICO in most of these threatened foreclosure actions, and believe I heard on one of the news channels recently now even the FBI has been contacted by some who are or have been effected.
What is this 'free legal assistance' going to consist of? Simply debt counseling, rather than true help in a state or federal class action for those who have been, now in the tens of thousands, unlawfully foreclosed upon?
Posted Jan 14 2008 8:34PM CET
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Username withheld
Phoenix, Arizona |
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